Chapter 7 Consumerism

Consumerism

Economic theory promoting buying for economic growth.

Capitalism

Economic system relying on consumerism for survival.

Identity

Personal beliefs and values guiding consumer choices.

Consumer Conscience

Responsibility of consumers regarding product origins.

Race to the Bottom

Competition leading to lower wages and conditions.

Point-of-Purchase

Impulse buying triggered in-store or online.

Internet Marketing

Advertising through online platforms and social media.

Bandwagon Effect

Buying influenced by friends' purchasing behavior.

Cause Marketing

Brands donate to charities to boost sales.

Direct Selling

Selling products without intermediaries.

Co-Branding

Collaboration of two brands for a product.

Earned Media

Unpaid publicity gained organically.

Standard of Living

Quantifiable factors like income and employment.

Quality of Life

Subjective measures like mental health and rights.

Health Warnings

Labels informing consumers about product risks.

Canada Consumer Product Safety Act

Regulates dangerous consumer products in Canada.

Consumer Choices

Purchases affecting jobs and manufacturing decisions.

Environmental Impact

Consumerism's role in pollution and waste.

Sharing Economy

Access to goods/services via online platforms.

Boycotts

Voluntary avoidance of products as protest.

Gross Domestic Product (GDP)

Total economic output of a country annually.

GDP per Capita

Average economic output per person.

Purchasing Power Parity (PPP)

Comparison of living standards between countries.

Economic Prosperity

Wealth levels influencing consumerism and quality of life.

Consumer Power

Ability to influence social movements and policies.

Marketing Manipulation

Strategies used to influence consumer spending.

Government Regulations

Laws affecting consumer rights and product safety.